BASF: EU Commission Approves of Joint Venture
The EU Commission has given its approval for the formation of the joint venture Styrolution. BASF SE, Ludwigshafen, Germany, and Ineos Industries Holdings Limited, Lyndhurst, UK, now have EU clearance to combine in Styrolution their global business activities in styrene monomers (SM), polystyrene (PS), acrylonitrile butadiene styrene (ABS), styrene-butadiene block copolymers (SBC) and other styrene-based copolymers (SAN, AMSAN, ASA, MABS) as well as copolymer blends. Pro forma sales of the combined businesses were EUR 6.4 billion in 2010. Expandable polystyrene is not part of this transaction. BASF and Ineos will retain their respective businesses.
The EU Commission has approved the formation of the joint venture subject to the requirement that the parties sell an ABS production site in Tarragona, Spain. This site accounted for less than 3% of Styrolution’s pro forma EBITDA for the year 2010. The formation of the new joint venture has already been approved by the U.S. Federal Trade Commission without any remedies.
BASF and INEOS will continue to operate as strictly independent companies until the completion of the deal, which is anticipated in 2011, subject to remaining approvals from antitrust authorities in other countries.
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